Lee Partridge's job as chief investment officer of Salient Partners has been eliminated in a company restructuring.
As part of the management changes, Rusty Guinn was promoted to executive vice president of asset management and W. Ben Hunt was named chief investment strategist. Mr. Guinn was deputy chief investment officer, and Mr. Hunt was chief risk officer, according to a Salient news release.
Neither of the new executives will be directly replaced. Salient will form an internal risk committee to take over Mr. Hunt's former risk management duties, and the firm's lead portfolio managers will continue to hold full discretion over managing their respective strategies and teams, according to the news release.
“During his six years at Salient, Lee (was) instrumental in helping diversify our investment platform and cultivating the investment teams that we have in place today. As Lee transitions away from his role, he will continue to be a Salient shareholder and a valued partner in our business,” said John Blaisdell, Salient chairman and CEO, in an e-mail.
Mr. Partridge will remain an adviser to Salient through early 2017, the release said.
Mr. Partridge declined to comment about his plans when reached by e-mail.
Between September 2009 and August 2015, Salient and Mr. Partridge's firm, Integrity Capital Services, which Salient acquired in 2010, provided outsourced CIO and money management services to the $10.2 billion defined benefit plan of San Diego County Employees Retirement Association. After terminating Salient, SDCERA redeemed the $4.9 billion the company managed for the pension fund.
Salient Partners managed $14 billion as of Sept. 30.